Indianapolis Multifamily Market
Report

Single submarket comprises over half of ongoing development. The metro's largest area by multifamily inventory — Carmel-Hamilton County — is rapidly expanding. The submarket's stock increased by more than 7 percent year-over-year in the first quarter of 2024 and features heavily on the forward-looking pipeline as well. Of the 9,200 apartments that were underway metrowide as of the second quarter of 2024, nearly 60 percent are located in Carmel-Hamilton County, with scheduled delivery dates extending out to 2026. An appetite for new rentals in the area is evident, however, helping mitigate the impact of aggressive construction. Despite robust development over the past year, the submarket's vacancy rate rose by a smaller margin than the overall metro's 90-basis-point lift. As a result, Carmel-Hamilton County's 6.0 percent rate in March 2024 was the second lowest among the eight largest submarkets by inventory.